CBI REGISTERS RS 4736-CR BANK FRAUD BY A HYDERABAD COMPANY

KT NEWS SERVICE. Dated: 1/10/2021 12:47:26 AM

NEW DELHI, Jan 9: The Central Bureau of Investigation (CBI) on Saturday claimed registration of a case against a Hyderabad company on a complaint of Rs 4736.57 crore loss inflicted on eight banks, including the State Bank of India.
It said the case was registered on a complaint by the SBI on behalf of the consortium of banks -- IDBI Bank, Canara Bank, Bank of Baroda, Bank of Maharashtra, Punjab National Bank, Exim Bank and UBI.
Searches were conducted at the residential and official premises of the accused at Hyderabad and Vijayawada, which led to recovery of several incriminating documents and other material evidence, the CBI said. Investigation is continuing.
The case was registered against the private company, which was the borrower from the banks, its chairman and managing director, its guarantor and managing director of the guarantor, other directors, mortgagors, other private firm and unknown public servants.
It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of Banks. The account became non-productive asset (NPA) on 25.01.2017 with retrospective effect from 28.10.2013 and reported as fraud on 20.02.2020.
It was further alleged that the borrower company based at Hyderabad during the period 2013-18 had indulged in falsification/fabrication of books of accounts, manipulations/falsification of the financials to show unrealizable invoked BG amounts as realizable investments, falsified details of promoters' contribution, converted receivables from related parties to investments to siphon off the banks funds, cheating the SBI and other consortium member banks.

 

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